Netflix, Inc. has inked a multi-year licensing deal with Paramount Pictures, a division of Viacom Inc., that will see members in Canada gain access to “hundreds” of new movie titles and exclusive subscription TV rights to all first-run films.

Movies set to be available in the coming months include The Last Airbender and Iron Man 2. In total, more than 350 movies will be added to the Netflix list over the next five years. Others include older titles like The Curious Case of Benjamin Button, Titanic, Defiance, Zoolander, Wayne’s World, The African Queen, Sabrina, and Terms of Endearment.

“We are committed to constantly expanding our selection of top new movies and TV shows for our Canadian members,” says Ted Sarandos, Netflix’s Chief Content Officer. “This agreement will allow them to watch some of the latest hit Paramount films as well as an incredible range of the studio’s recent and classic favourites anytime they want. Netflix and Paramount enjoy a great relationship, and are proud to bring such a terrific array of films to Netflix members in Canada.”

“We are extremely pleased to have concluded this deal with Netflix for the premium pay television window in Canada,” adds Hal Richardson, President of Paramount Television & Digital Distribution, “offering some of Paramount’s best films to their rapidly growing Canadian subscriber base. We are especially delighted that this arrangement serves to broaden the growing relationship with our friends at Netflix.”

Netflix has more than 20 million members in the U.S. and Canada. Subscriptions cost $7.99/mo., after which users have unlimited access (limited only by Internet bandwidth costs) to a selection of movies and TV shows. Content can be viewed through a computer, Netflix-enabled TV and/or Blu-ray player, or Sony PlayStation 3, Microsoft Xbox 360, or Nintendo Woo gaming console. Support for the service is also available through a number of other devices, although Canadian restrictions may apply.

Netflix launched its service in Canada in September 2010.